The latest news in the world of business and technology has Apple making headlines once again. The tech giant is currently in talks with JPMorgan Chase to potentially take over their flagship credit card program from Goldman Sachs. This move comes after Goldman Sachs decided to shift away from their retail banking strategy, leaving Apple with limited options for its credit card program.
JPMorgan Chase, known as the country’s biggest credit card issuer by purchase volume, is seeking to pay less than face value for the approximately $17 billion in loans on the Apple Card due to elevated losses and regulatory scrutiny. This has prompted discussions around key elements of the potential deal, such as price and the continuation of certain features on the Apple Card.
One feature that JPMorgan is looking to do away with is the calendar-based billing system, where all customers receive statements at the beginning of the month. While this feature is popular among customers, it has led to a flood of calls to service personnel at the same time every month.
Despite these negotiations, both Apple and JPMorgan declined to comment on the specifics of the deal. This potential partnership highlights the ever-changing landscape of the financial industry and the importance of strategic partnerships in the tech world.
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